Sick leave credits an issue

We’ve touched upon this issue before — the way the state calculates sick leave which offsets one’s health care costs in retirement.

To that end, here’s a PEF memo about the latest take on sick leave and retirement — basically is notes that the contract proposed by Gov. Cuomo would have the effect of reducing the amount of credits net effect of making cover more expensive for some retirees. Unused sick time represents a pool of money that can be applied toward one’s insurance premium, but with actuarial tables showing that lifespans have increased over the years, that means that money would have to stretched over a longer time period, which is calculated to come up with the co payment. The state notes that the actuarial tables haven’t been updated since the 1970s. The change would take place Oct. 1 which could impact the retirement plans for some people: